The Salina Journal from Salina, Kansas on January 21, 1996 · Page 13
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The Salina Journal from Salina, Kansas · Page 13

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Salina, Kansas
Issue Date:
Sunday, January 21, 1996
Page:
Page 13
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THE SALINA JOURNAL LIFE SUNDAY, JANUARY 21, 1996 T SENSE FOR SENIORS Revocable trust provides for incapacity • • Dear Betty Gibb: My mother : who is 78 is still handling all of her financial matters, which in- " * .elude several pieces of rental property and other types of investments. She wants to continue to do ..so as long as possible. She has told me she would like me to handle matters for her if and when she can no longer do so. * Right now, all she has is a will. We have been wondering what she should do to make ft easy for me to take over. BETTY GIBB Kansas Senior Press Service Dear Reader: This a common but complicated legal question, and you should talk to an attorney in your area about the specific details of your situation. A general answer to your question comes from Robert M. Collins, a Wichita attorney specializing in aging issues. "There are two things she could do. One would be to execute a durable power of attorney appointing you as her agent to handle her financial affairs. The durable power of attorney would continue after her incapacity and could become effective upon execution or upon her incapacity. Probate proceedings, "At your*mother's death, the durable power of attorney would cease and you would file her will for probate and the executor would handle her affairs during the pending probate proceedings. "The other alternative would be to put everything in a revocable trust which names your mother as the trustee. All of her property would be transferred over to the trust as the owner, but your mother would continue to handle the property as long as she is able. "She could name you as the successor trustee to take over in the event of her incapacity. The ART • GRAF trust agreement does more than the durable power of attorney in that it not only allows her successor trustee to handle her financial affairs in the event in of incapacity, but she also can pass her property in any manner she wishes upon her death without the probate court. "She can even provide for the trust to continue beyond her death for the benefit of heirs if she chooses or for it to distribute her property and terminate. Living Will Declaration "With either the durable pow- er of attorney or the trust agreement, she should consider two other documents which carry out her wishes in the event of incapacity. They are a Living Will Declaration in the event of a terminal illness and a Medical Durable Power of Attorney appointing an agent to handle her health care needs in the event of incapacity." I hope attorney Collins' answer is helpful. Do seek legal advice. If you have a question or comment for "Sense for Seniors," write to Betty Gibb, Kansas Senior Press Service, 301A S. Clairborne, Olathe, KS 66062. A new set of sculptured nails * With this coupon Call today for an appointment, 827-0445 a full service salon 808 E. Crawford • Salina ^Salina Journal 125 years—-IESSB "We need to get started on that someday." Preparing a funeral is easy to put off. But that's not a good idea. It is not as difficult or time consuming as you may think. We can even come right to your home so you will feel comfortable. Call us today.' You'll be glad you did. Pre-arranging and pre-funding - your gift to your loved ones. Robert Frobenius Roselawn Mortuary can help you with your pre-arrangement and pre-funding plans. Call 825-8231 for further information or to set up an appointment. ROSELAWN MORTUARY 1920 E. Crawford • 1307 S. Santa Fc there IS help for Dementia! •/J& We understand the anguish of caring for someone with Alzheimer's. 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